Phone: 02840 662 490

TELEPHONE: 02840 662 490

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Income from Land and Property

If your rental income is more than £2,500 per annum and you do not already complete a tax return, then you need to register for self-assessment and your income will need to be reported on a tax return.

Rental Income

This is the total amount of rent money you receive from a tenant or a lodger (or from organisations such as Letting Agents on their behalf) before deducting any expenses.

For example, if you receive a rent of £500 per month from the tenants of a property you own, the total rental income for the year would be £6,000.

Rental Expenses

You can deduct certain expenses from the total rental income. The tax you pay is based on the rental income figure after deduction of expenses. You may only deduct expenses that are the result of letting out the property. There are special rules for some types of expenses –, especially property repair costs. Get in touch with our office and we can give advice on the property expenses that can be deducted.

Call Us Today

For more information regarding support with your income and taxes, call us today on 02840 662 490.

Why Choose S.M Vint?

We Are local to you, Open and Friendly, Wide Range of Knowledge and Expertise, We offer many Services for you to avail of, Competive Fee Structure and Flexible Payment Options.

When is my Tax Return Due?

If you have been issued a Tax Return by HMRC or have Registered with HMRC to complete a Tax Return the Tax Return is due for filing by 31st January if filing electronically) or 31st October (For paper returns) following the end of the Tax Year. If you have Tax to pay it is due by 31st January following the end of the tax year and if you have a liability of over £1,000 you may have to make a payment on account in July. Tax can also be paid through your tax code if you are in receipt of other taxable income.